Deutsche Bank Appointed as Depositary Bank for the Level III NYSE-Listed American Depositary Receipt Program of Portugal

  Deutsche Bank Appointed as Depositary Bank for the Level III NYSE-Listed
  American Depositary Receipt Program of Portugal Telecom, SGPS, S.A.

Business Wire

NEW YORK -- January 25, 2013

Deutsche Bank today announced its appointment as successor depositary bank for
the Level III New York Stock Exchange-listed American Depositary Receipt (ADR)
program of Portugal Telecom, SGPS, S.A. (Portugal Telecom).

Portugal Telecom (PT) is a global telecommunications operator with 100 million
clients worldwide. In Portugal, where it holds a leading position in the
markets in which it operates, PT provides a wide portfolio of telecoms,
multimedia and IT, and fixed and mobile services, including broadband access,
voice and television, acting in all segments of the telecommunications sector:
personal, residential, enterprise solutions and wholesale. Portugal Telecom
considers itself the leading Portuguese telecoms operator with a wide and
solid international presence, particularly in Brazil and Africa. PT has a
diversified business portfolio, in which quality and innovation are key
aspects, aimed at positioning PT as a leading edge operator in the
international arena. Portugal Telecom’s shares are listed on Euronext and its
ADRs are listed on the New York Stock Exchange.*

Akbar Poonawala, Head of Global Equity Services at Deutsche Bank, said, “We
are very pleased that Portugal Telecom decided to transfer its ADR program to
Deutsche Bank. We look forward to working with PT in the management of its
program and are committed to providing PT with the highest level of service."

*Source: Portugal Telecom (January 2013)

About Deutsche Bank Trust & Securities Services

Deutsche Bank’s Trust & Securities Services business, part of Global
Transaction Banking, is one of the leading providers of trustee, agent,
depositary, registrar, SPV management and related services for a wide range of
financial structures and transactions. It is a leading depositary for American
and Global Depositary Receipts, providing value-added services to companies
raising capital in international markets or listing on the New York, NASDAQ,
London, Luxembourg, Singapore or NASDAQ Dubai stock exchanges by means of
depositary receipts. It also offers both mutual and alternative fund
administration and provides securities custody, clearing and agency lending
services from a global network spanning more than 30 markets. Additional
details are available on www.adr.db.com or www.tss.db.com.

This announcement appears as a matter of record only. This announcement has
been approved and/or communicated by Deutsche Bank AG New York.

The Depositary Receipts have been registered pursuant to the US Securities Act
of 1933 (the "Act"). The investment or investment service which is the subject
of this notice is not available to retail clients as defined by the UK
Financial Services Authority. This notice has been approved and/or
communicated by Deutsche Bank AG London. The services described in this notice
are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its
subsidiaries and/or affiliates in accordance with appropriate local
registration and regulation. Deutsche Bank is providing the attached notice
strictly for information purposes and makes no claims or statement, nor does
it warrant or in any way represent, as to the accuracy or completeness of the
details contained herein or therein. This announcement appears as a matter of
record only. Neither this announcement nor the information contained herein
constitutes an offer or solicitation by Deutsche Bank or any other issuer or
entity for the purchase or sale of any securities nor does it constitute a
solicitation to any person in any jurisdiction where solicitation would be
unlawful. No part of this notice may be copied or reproduced in any way
without the prior written consent of Deutsche Bank. Past results are not an
indication of future performance. Copyright© January 2013 Deutsche Bank AG.
All rights reserved.

Contact:

Deutsche Bank AG
Press & Media Relations
Duncan King, +1 212-250-4864
duncan.king@db.com